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Remortgage Within 6 Months of Purchase

Can I remortgage within six months of buying a property? Find out in our guide.

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By Pete Mugleston  | Mortgage Advisor Pete has been a mortgage advisor for over 10 years, and is regularly cited in both trade and national press.

Updated: 23rd October 2019 *

If you’d like to get a remortgage on your property within the initial six month period after taking out a mortgage, you may be wondering how to best go about it. There are a number of situations in which an immediate remortgage could generate big savings, it often comes down to the original property purchase having been at below market value

For instance, if you’ve bought your property at an auction, through repossession, or in a discounted private sale. In these scenarios, remortgaging onto a deal that takes the property’s current market value into account could result in getting a better mortgage deal. 

In this article, we’ll cover…

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Can I remortgage within 6 months of purchase?

The answer is yes! It is possible to remortgage your house within 6 months, however, many lenders will not finance property unless it’s been owned for a minimum six month period. 

Remortgaging a property also comes with associated costs, so it’s important to get expert advice and carefully consider how much of a saving you would be making.

Here are some scenarios in which you may want to remortgage within six months of purchase…

  • You’ve purchased and refurbished a buy-to-let property and want to refinance the property using its increased value.
  • You have more equity in the house than when you first bought it and hope you could get a better interest rate if you remortgage.
  • Your financial situation has changed and you’d like to reduce the number of years on your mortgage term and get a better interest rate through a remortgage.
  • You build your own property (or oversaw its construction) via a self-build mortgage and want to refinance on a standard residential deal.

Speaking to an expert mortgage broker can help you find out if it’s worth getting a remortgage within six months of purchase, and where to get the best mortgage deals. Call Online Mortgage Advisor on 0808 189 2301 or make an enquiry and we’ll put you through to the right expert for your situation. 

Getting a buy to let remortgage within 6 months

It is possible to get a buy to let remortgage within 6 months, but nearly all of these lenders’ products are available through brokers due to their complexity. 

For property developers, getting a buy to let remortgage can be more difficult than it is for home-owners: some lenders won’t lend to property developers looking to remortgage a btl within 6 months of purchase.

Whatever your situation, the best way to find a buy to let remortgage is to work through a specialist mortgage broker. 

Specialist buy to let mortgage brokers will have access to many lenders which can offer a good remortgage deal within 6 months of purchasing a property. 

Call Online Mortgage Advisor on 0808 189 2301 or make an enquiry and we’ll put you through to an expert to help with your buy to let remortgage. 

How to remortgage after 6 months

Here are some general pointers for remortgaging your property after 6 months...

  • You will need to provide evidence of the work you’ve completed so you can remortgage the property based on the increased valuation.
  • The lower the loan-to-value, the more deals are likely to be available at a cheaper price. 
  • Most lenders will not lend to you until you’ve been registered as the property owner at the Land Registry for 6 months.
  • Ensure your credit score is in good shape to secure the top remortgaging deals.
  • Start the remortgage process early and secure a deal in advance of your 6-month term-end - most lenders will allow you to secure a rate but not start with repayments on the mortgage until several months later.

To get help from a specialist mortgage broker who knows how to play the field and find the best rate for your remortgage after 6 months of ownership, give us a call on 0808 189 2301 or make an enquiry.

Can I remortgage within a fixed term deal?

You can remortgage your property before your fixed rate comes to an end, but there will likely be early repayment fees to pay. These fees mean it’s often not worth remortgaging within the fixed term, but remortgaging could be worthwhile if interest rates have dropped since the start of your fixed mortgage. 

Bear in mind that many lenders won’t finance properties until they’ve been owned for a minimum period of six months, and lenders that do often only accept a remortgage at the original purchase value. 

This can make it complicated to find a lender that will offer you a remortgage deal with a loan that’s greater than the original purchase price. However, an expert mortgage broker will likely have connections with specialist lenders and they can take you directly to your best deal - get in touch on 0808 189 2301 or make an enquiry for specialist advice.

Speak to an expert remortgage advisor today!

Remortgaging your property within six months of purchase can be a worthwhile endeavour that saves you thousands of pounds over the long run. But many complex remortgage products can often only be accessed through a broker. 

Online Mortgage Advisor works with whole of market brokers who have access to a range of providers who are willing to consider a remortgage within or after six months of purchase. Give us a call on 0808 189 2301 or make an enquiry and we’ll put you through to a broker who can take you through the best options for your remortgage needs.

Updated: 23rd October 2019
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FCA disclaimer

*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The info on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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